The US Dollar Index (DXY) made one last honest attempt at attaining 91.00, but once again, price came up short. This failure was then followed by a sharp selloff back down to 90.40.
As a result of the Dollar’s indecisiveness, certain pairs are eluding to moves that may only be temporary and short-lived. GBPJPY is one pair that has held its ground as it maintains a bullish bias. Traders are waiting for price to pullback to yesterday’s high, reject, and then enter long.
Price action as of right now indicates that the DXY will make another attempt of going higher. The short-term target for the Dollar is 90.72. This was the high that was created last week. This week price was able to break this level but was not able to close bullish on the daily.
Due to the lack of news, many of the majors such as EURUSD and GBPUSD traded within their respective 4hr ranges. The previous uptrends on the majors will on resume once the Dollar clears 91.00 on the higher time frames.